President-elect Donald Trump’s team is considering crypto advocate Paul Atkins as a potential replacement for Gary Gensler as the Chair of the Securities and Exchange Commission (SEC). Atkins, a seasoned financial regulator and prominent figure in conservative financial circles, is reportedly one of the top choices for the position. The decision on the new SEC Chair is expected to be made in the coming days, with Trump’s team weighing various candidates, including current SEC Commissioner Mark Uyeda, former Commodity Futures Trading Commission Chairman Heath Tarbert, and Willkie Farr & Gallagher LLP partner Robert Stebbins.
Atkins, who has yet to publicly comment on the potential appointment, previously served as a Republican SEC commissioner during the George W. Bush administration. Known for his support of digital assets and fintech companies, Atkins has advocated for restructuring the agency’s operations and reducing what some industry participants view as excessive regulations. With the SEC undergoing leadership changes, it is anticipated that there will be a shift towards looser regulations in the cryptocurrency sector.
The impending departure of Gensler, along with SEC Commissioner Jaime Lizárraga, leaves just one Democrat on the five-member commission when Trump resumes office. The President-elect had reportedly discussed dismissing Gensler on his first day in office before Gensler announced his resignation. Caroline Crenshaw will be the sole Democrat on the commission, alongside Republicans Hester Peirce and Commissioner Uyeda. The increased presence of Republicans on the commission is expected to provide a more favorable environment for crypto firms.
In a statement, Trump spokesperson Karoline Leavitt praised the President-elect’s swift decision-making process in selecting individuals for his administration. The selection of the new SEC Chair is seen as a crucial decision that could impact the regulatory landscape for digital assets and fintech companies. As the transition of power unfolds, the financial industry will be closely watching for further announcements from the incoming administration.